National Retailer Takes 14,500 Square Feet on Level Four
SILVER SPRING, Md. (June 6, 2016) – Petrie Richardson Ventures (PRV) and Rockwood Capital, the owner developers of Ellsworth Place retail center in downtown Silver Spring, announced today that Guitar Center signed a long-term lease for 14,500 square feet at Ellsworth Place. The national retailer will be located on Level Four, near the pedestrian bridge from the main parking garage and across from Ross. Guitar Center will open Spring 2017.
“Guitar Center will add to this dynamic entertainment district, with The Fillmore Silver Spring directly across the street and a 40,980-square-foot Dave & Buster’s opening this fall on the top floor of Ellsworth Place,” said Terry Richardson, president and COO of PRV. “Our revamped retail center has undergone significant renovations to produce both an urban edge and modern feel. Guitar Center brings another eclectic experience to Ellsworth Place.”
Recently announced tenants at Ellsworth Place include Rue 21, Kung Fu Tea and Shoe City. Current anchor tenants at Ellsworth Place include Burlington Coat Factory, Marshalls, Michaels, Ross and T.J.Maxx. Recently opened stores include Payless Shoe Source, as well as Foot Locker and MOD Pizza. Future tenants opening their doors this year include Dave & Buster’s, Forever 21 Red and Not Your Average Joe’s.
Over the next 20 years, Ellsworth Place is projected to generate approximately $38.4 million in tax revenues for Montgomery County and to support 807 permanent FTE jobs in the County. During the construction phase, the renovation is projected to generate 253 temporary jobs. On a statewide level, Ellsworth Place is projected to generate $175 million in state tax revenues and support 881 permanent jobs, inclusive of those in Montgomery County.
About Ellsworth Place
Ellsworth Place is a 350,000-square-foot retail center located in the heart of the award winning revitalized Silver Spring, MD, and anchored by Burlington Coat Factory, Guitar Center, Marshalls, Michaels, Ross and T.J.Maxx. Petrie Richardson Ventures acquired ownership and management of the former City Place Mall in 2012, in a joint venture with Rockwood Capital, and invested in extensive renovations of both the exterior and interior, including improvements to access, common areas, existing tenants and new tenants within a refreshed industrial chic interior architecture. For more information, visit www.ellsworthplace.com.
About Petrie Richardson Ventures
Petrie Richardson Ventures (PRV) is a retail developer in the Mid-Atlantic region with a national reputation for creating successful retail centers and exciting mixed-use properties. PRV currently owns and operates Ellsworth Place in Silver Spring, MD, and Woodmore Towne Center in Glenarden, MD. For more information, visit www.petrierichardson.com.
About Rockwood Capital
Rockwood Capital is a real estate investment firm with offices in New York, NY, San Francisco, CA, Los Angeles, CA and Seoul, Korea. Rockwood provides debt and equity capital for core, core-plus, value-add and special situation real estate investment opportunities. Rockwood Capital manages $8.6 billion in real estate on behalf of over 100 public and private pension plans; endowments; foundations; insurance companies, and high net-worth families and individuals. For more information, visit www.rockwoodcap.com.